Research on the Impact of Green Credit Policy on the Performance of Listed New Energy Enterprises

As an essential constituent of environmental monitoring policies, green credit policies have received extensive attention. Prior study about the influence of green credit on corporate performance has predominantly concentrated on all enterprises, with limited investigation into its effects on the performance of firms within the new energy sector. This study utilizes panel data from A-share listed companies from 2008 to 2023 and applies the difference-in-differences model to analyze the 2012 implementation of the "Green Credit Guidelines" as an external event, investigating its potential adverse effects on new energy firms. Secondly, through heterogeneity analysis, the author explores the variances in the impact of green credit policies on enterprises of varying scales (using the average asset size of listed companies as the standard to distinguish big and small enterprises). After research, it has been found that the green credit policy's enforcement indeed exerts a detrimental influence on the operational performance of new energy enterprises (the coefficient of the explanatory variable in the benchmark regression stands at -0.00425). Moreover, the negative effect on the performance of large enterprises is even more obvious.